The Credit Union National Association (CUNA) is advertising that credit union officials can attend an educational junket in the sunny Caribbean.
CUNA will hold its Credit Union Board Financial Literacy Workshop and Volunteer Institute at the Wyndham Sugar Bay Resort and Spa on St. Thomas, Virgin Island. The Workshop starts on April 30 and the Institute runs from May 1 thru May 4.
The cost per night at the resort for a single occupancy room is $295 and for a double occupancy is $390 per night.
Assuming a credit union official attends both the workshop and institute and stays a minimum of five nights (arriving on April 29 and departing on May 4), at a minimum this official will incur resort charges of $1475. This does not count airfare, the cost of registering for the event, and other expenses.
I'm not opposed to educating credit union officials, but does it have to be at a Caribbean resort?
Credit unions receive a very valuable benefit in their corporate tax exemption. This exemption should not pay for junkets to the tropics for credit union directors and officials.
Absolutely agree, Keith. It is this egregious behavior which opens the door for the bankers to complain about the tax exemption and gain some traction with their arguments. There are plenty of domestic training options that fulfill the educational needs of volunteers and officials while providing a good overall experience at reasonable cost.
ReplyDeleteSo I am guessing that you were not invited?
ReplyDeleteIsn't this the pot calling the kettle black? Western Independent Bankers is currently hosting Bank CEOs and Directors in Maui...The Hotel and meal costs in Maui are significantly higher than in St. Thomas...
ReplyDeleteNot to mention that Credit Union volunteers are not paid like Bank CEOs and Directors
ReplyDeleteThe board of directors of a credit union are volunteers thus making it possible to offer services to their membership at a lower cost, poeple helping people, but in reality when they spend the cu money on such expensive trips are they really doing what they are suppose to do. People wake up a cu is a bank only difference is they are not taxed. If you open a ck acct they will do a credit check use the same credit bureau and credit score to give you a loan interest rates on credit cards are the same, loans same,someone needs to tell where the difference is because as a consumer I do not see it. CUNA lobbies washington same as the bankers do where does CUNA gets its money to do this from the credit unions. As a tax payer I just want the playing field leveled for the individual as well as all business I don't really care what you call your self cu is not a nonprofit in any since of the word.
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